War losses cut into White Mountains’ P&C reinsurance profitBermuda-based White Mountains Insurance Group Ltd.’s property and casualty reinsurance segment, Ark/WM Outrigger, recorded a 41% year-on-year decline in first-half pre-tax income to $85 million, driven primarily by losses related to the war in Iran, Reinsurance News reported. The segment’s gross written premiums declined 3% to $1.9 billion, while its combined ratio improved to 88% from last year’s 90%.